USD/JPY Extends Losses

January 30, 2017January 30, 2017Bill Welsh

USD/JPY faced further selling pressure at the NYSE open and has backed up to support at 114.09 (convergence of 100- and 200-hour moving average) in reaction to a triple-digit loss in the Dow Jones Industrial Average at the open, and risk-adverse investors moving out of forex positions during President Trump’s morning press conference.

The president clarified his recent executive orders on immigration and trade, signed another executive order on regulations (two out before one gets added) and said he’ll announce his Supreme Court nomination tomorrow night. While Trump steered clear of any controversial remarks, investors are likely bracing for more fallout on the immigration ban, and high court nominee.